Warehousing

Warehousing provisions allow deferred customs duty under bonded storage, subject to bonds, time limits, interest and control measures.

Imported goods may be stored in customs bonded warehouses without immediate payment of duty under Chapter IX of the Customs Act, 1962, subject to declared warehousing stations, appointment or licensing of public and private warehouses, and execution of warehousing bonds securing payment of duty, interest, rent and penalties. Goods admitted after assessment remain under Customs control; statutory warehousing periods apply with limited extensions and interest on duties accrues where goods remain beyond permissible periods. Transfers, manufacture under bond, clearance for home consumption and re-export are governed by specified procedures, bonds, inspections and audit to protect revenue.